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20120928
20121006
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should go to something like the paul ryan house plan he introduced a couple years ago which would eliminate virtually all deductions and credits and use the money to simplify the tax structure down to 10 and 25%. romney needs to be more bold here. his running mate has the bold ideas for tax reform. that's where we should be going here. >> you know, we've had various members of the house ways and means committee on this program in the last six months. almost to the person they say they want to initiate some sort of overall tax reform for next year that would move toward a tax simplification. we've heard this for years, but that's what's on their agenda. david, i wonder that would work counter to what mitt romney is proposing now. >> tax reform is a heavy lift. lots of vested, strong interest groups are going to fight eliminating the mortgage interest deduction, eliminating the charitable deduction. any of that will be a tough lift. go back to the basic math problem romney has. he wants to cut tax rates, which would cost about $900 billion a year, according to estimates, which means
private bank, ryan from bimo capital market and our own bob pisani. gentlemen, good to see you. thanks for joining us. nick, if in kt end it's all about earnings, will the markets have a problem given the fact what we're seeing looking at the revenue side of the equation? >> the rate of growth is clearly slowing both on the sales and the earnings front. it's also a game of expectations. for the third quarter the expectations, we've been joking around saying expectations are zero for the quarter since there are no expectations for growth. we think it's going it come in more 4%, 5%. we think the majority of companies are going to beat. the important thing here, we think the expectations for the fourth quarter are too high. while they're too high, we think a majority are going to lower fourth-quarter guidance after reporting. not by the same magnitude as what was last quarter. the cuts are going to come but not be as severe as last quarter. >> brian, what do you think? what are your expectations for earnings going into this quarter? >> they're going to be weak. that's already baked into t
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